Mubasher: The Abraaj Group announced on Wednesday a partnership with France’s ENGIE to build a wind platform in India.
“Together, Abraaj and ENGIE have identified a robust pipeline of wind power projects representing over 1 gigawatt (GW) in several key states,” according to a company statement.
The partnership aims to meet the growing demand of the Indian government as well as businesses in the country for clean energy, Abraaj added.
With growth forecasts of around 9% year-on-year in the Indian market until 2020, the country’s renewable energy sector is considered one with continued and rapid energy needs.
The current 32-gigawatts wind energy capacity in India will need to be doubled over the next five years in order to meet the government’s targeted capacity by 2022 of 60 GW, Abraaj added.
The Dubai-based investment firm further highlighted the Indian government’s initiatives such as the Uday project and the Green Corridor Initiative, among others, through which it provides significant investment opportunities for the private sector to contribute to meeting the growing demand for energy and more specifically renewable energy in the country.
The Abraaj Group’s partnership with ENGIE is the group’s second clean energy investment in India, said Saad Zaman, Partner at The Abraaj Group, adding that “Buoyed by a strong regulatory framework, the renewables sector is a significant long-term, sustainable investment opportunity for Abraaj.”
Meanwhile, ENGIE CEO Sébastien Arbola noted that India’s energy demand was “growing tremendously”, highlighting that his company was working with the government to support “its sustainable development plans.”
With its comprehensive investment experience in the energy sector, the Abraaj Group has invested over $1 billion across growth markets.
